On July 6, 2012, the President signed into law the Moving Ahead for Progress in the 21st Century Act, also known as "MAP-21." While this bill largely concerns transportation programs, the law also covers several areas concerning lending compliance including changes to the National Flood Insurance Program (NFIP). The flood insurance subtitle - known as the Biggert-Waters Flood Insurance Reform Act of 2012 - extends NFIP through September 30, 2017 and significantly changes the cost structure and lender obligations.
Read this white paper to learn about six major elements of the legislation affecting lenders including levels of flood insurance coverage, disclosure of the availability of flood insurance, and flood insurance premium escrow requirements.
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